Baxter International Inc. · NYSE:BAX
Baxter International — Q1 2026 Earnings Presentation
29 slides from Baxter International's earnings presentation, Apr 30, 2026
Slide 1: First-Quarter 2026 Earnings
First-Quarter 2026 Earnings Baxter International Inc. April 30, 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements concerning the company’s financial results (including the outlook for full-year 2026) and certain business development and product development activities. These forward-looking statements are based on assumptions about
Slide 3: Use Of Non-GAAP Financial Measures
Use Of Non-GAAP Financial Measures To supplement Baxter’s consolidated financial statements presented on a U.S. GAAP basis, the company discloses certain non-GAAP financial measures. These non-GAAP financial measures are not in accordance with generally accepted accounting principles in the United S
Slide 4: Table of Contents
Table of Contents Performance Summary 6 2026 Outlook 13 Baxter GPS and Capital Allocation 16 Non-GAAP Reconciliations 20 4
Slide 5: Key Takeaways
Key Takeaways 1. 2. 3. 4. 5. First-quarter results in line Reiterating full year 2026 Enhanced traction in Baxter Introduced the IV Verify Progress towards achieving with overall expectations guidance GPS1 as the enterprise Line Labeling System turnaround effort; focused operating system for on th
Slide 6: Performance Summary
Performance Summary First-Quarter 2026 Earnings April 30, 2026 6
Slide 7: Performance Highlights
Performance Highlights Continuing Operations1 Adjusted Sales Gross Q1 2026 Results $2.7B Margin Worldwide sales from continuing operations grew 3% on a +3% Reported 36.8% reported basis and declined 1% on an organic basis (1%) Organic 2 (500 bps) Adjusted earnings per share from continuing opera
Slide 8: First-Quarter 2026 Sales By Product Category
First-Quarter 2026 Sales By Product Category1 Q1 2026 Revenue Total Growth $ In Millions U.S. International Total Reported Organic Infusion Therapies & Technologies $526 $455 $981 (1%) (5%) Advanced Surgery $165 $139 $304 +13% +10% Medical Products & Therapies $691 $594 $1,285 +2% (2%) Care & Connec
Slide 9: First-Quarter 2026 Sales By Product Category
First-Quarter 2026 Sales By Product Category1 Product Category Sales Organic2 Quarterly Performance Drivers Infusion Therapies Performance in the quarter reflects lower infusion pump sales due to the previously $981M (5%) discussed shipment and installation hold of Novum LVP, and an unfavorable & Te
Slide 10: Medical Products & Therapies
Medical Products & Therapies Q1 2026 Results Increase / (Decrease) $ In Millions Q1 2026 Q1 2025 $ Change % Change Net Sales $1,285 $1,262 $23 +2% Cost of Sales $781 $694 $87 +13% Gross Margin $504 $568 ($64) (11%) % of Sales 39.2% 45.0% (580 bps) Selling, General and Administrative Expenses $290 $2
Slide 11: Healthcare Systems & Technologies
Healthcare Systems & Technologies Q1 2026 Results Increase / (Decrease) $ In Millions Q1 2026 Q1 2025 $ Change % Change Net Sales $705 $704 $1 +0% Cost of Sales $390 $356 $34 +10% Gross Margin $315 $348 ($33) (9%) % of Sales 44.7% 49.4% (470 bps) Selling, General and Administrative Expenses $209 $21
Slide 12: Pharmaceuticals
Pharmaceuticals Q1 2026 Results Increase / (Decrease) $ In Millions Q1 2026 Q1 2025 $ Change % Change Net Sales $621 $581 $40 +7% Cost of Sales $458 $396 $62 +16% Gross Margin $163 $185 ($22) (12%) % of Sales 26.2% 31.8% (560 bps) Selling, General and Administrative Expenses $102 $103 ($1) (1%) % of
Slide 13: 2026 Outlook
2026 Outlook First-Quarter 2026 Earnings April 30, 2026 13
Slide 14: Full-Year 2026 Guidance
Full-Year 2026 Guidance1 No change since February 12, 2026 (Q4 2025 Earnings) FY 2026 Guidance Sales Growth Flat - 1% Reported (Continuing Operations) Kidney Care MSA ~30 bps Foreign Exchange (~100 bps) Sales Growth ~Flat Organic (Continuing Operations) 2 Adjusted Diluted EPS $1.85 - $2.05 Continuin
Slide 15: Full-Year 2026 Guidance By Segment
Full-Year 2026 Guidance By Segment1 No change since February 12, 2026 (Q4 2025 Earnings) Sales Growth FY 2026 Organic 2 Guidance Medical Products & Therapies Flat to Slightly Up Healthcare Systems & Technologies Low-Single-Digit Growth Pharmaceuticals ~Flat 1Non-GAAP financial metrics referenced in
Slide 16: Baxter GPS and Capital Allocation
Baxter GPS and Capital Allocation First-Quarter 2026 Earnings April 30, 2026 16
Slide 17: Growth & Performance System
GROWTH & PERFORMANCE SYSTEM 17
Slide 18: Growth & Performance System
GROWTH & PERFORMANCE SYSTEM 18
Slide 19: Disciplined Capital Allocation Driving Long-Term Shareholder Value
Disciplined Capital Allocation Driving Long-Term Shareholder Value CURRENT FUTURE Debt Invest For M&A 1 Repayment Growth • Strategic tuck-in opportunities that enhance growth capabilities • Near-term priority to strengthen • Continued organic investment in balance sheet to enhance core platforms and
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations First-Quarter 2026 Earnings April 30, 2026 20
Slide 21: Non-GAAP Reconciliations as of April 30, 2026
NON-GAAP RECONCILIATIONS AS OF April 30, 2026 Non-GAAP Reconciliations: As part of its Q1 2026 earnings announcement on April 30, 2026, Baxter presented its financial results for the first quarter of 2026. Baxter also reaffirmed its guidance for the full year of 2026. In these presentations, Baxter
Slide 22: Description of Adjustments and Reconciliations of U.S. GAAP to Non-GAAP Measures
DESCRIPTION OF ADJUSTMENTS AND RECONCILIATIONS OF U.S. GAAP TO NON-GAAP MEASURES Three Months Ended March 31, 2026 (unaudited) (in millions, except per share and percentage data) The company’s U.S. GAAP results for the three months ended March 31, 2026 included special items which impacted the U.S.
Slide 23: Description of Adjustments and Reconciliations of U.S. GAAP to Non-GAAP Measures
DESCRIPTION OF ADJUSTMENTS AND RECONCILIATIONS OF U.S. GAAP TO NON-GAAP MEASURES Three Months Ended March 31, 2025 (unaudited) (in millions, except per share and percentage data) The company’s U.S. GAAP results for the three months ended March 31, 2025 included special items which impacted the U.S.
Slide 24: Description of Adjustments and Reconciliations of U.S. GAAP to Non-GAAP Measures
DESCRIPTION OF ADJUSTMENTS AND RECONCILIATIONS OF U.S. GAAP TO NON-GAAP MEASURES Three Months Ended March 31, 2026 and 2025 (unaudited) 1. The company’s results of continuing operations in 2026 and 2025 included costs related to programs to optimize its organization and cost structure. These restruc
Slide 25: Reconciliation of Non-GAAP Financial Measure
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE Operating Cash Flow to Free Cash Flow (unaudited) (in millions) Three Months Ended March 31, 2026 2025 Cash flows from (used in) operations – continuing operations $ 213 $ (99) Cash flows from (used in) investing activities - continuing operations (133) (
Slide 26: Reconciliation of Non-GAAP Financial Measure
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE Change in Net Sales Growth As Reported to Organic Sales Growth From the Three Months Ended March 31, 2025 to the Three Months Ended March 31, 2026 (unaudited) Sales By Product Category: Net Sales Growth Kidney Care Organic Sales As Reported MSA FX Growth*
Slide 27: Reconciliation of Non-GAAP Financial Measure
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE Projected Full Year 2026 U.S. GAAP Sales Growth to Projected Organic Sales Growth (unaudited) Sales Growth Guidance FY 2026* Sales growth - U.S. GAAP Flat - 1% Kidney Care MSA ~30 bps Foreign Exchange (~100 bps) Organic sales growth ~ Flat *Totals may not
Slide 28: Reconciliation of Non-GAAP Financial Measure
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE Projected Full Year 2026 Adjusted Operating Margin, Projected Full Year 2026 Adjusted Tax Rate and Projected Full Year 2026 Adjusted Earnings Per Share (unaudited) Adjusted Operating Margin Guidance FY 2026 Adjusted operating margin 13.0% - 14.0% Adjusted
Slide 29: First-Quarter 2026 Earnings
First-Quarter 2026 Earnings Baxter International Inc. April 30, 2026 29